• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

GMX Lost $42 Million Due to Vulnerability in Design

user avatar

by Giorgi Kostiuk

6 hours ago


On July 10, 2025, GMX v1 on Arbitrum faced a $42 million exploit due to a vulnerability, resulting in trading suspension and a blow to market confidence.

Identification of the Vulnerability

The vulnerability in GMX v1's design was discovered by security firm SlowMist. The attack allowed hackers to manipulate GLP token prices, draining funds from the liquidity pool.

Market Consequences

The market reacted immediately. The value of GMX's governance token dropped sharply, undermining user trust. The incident also impacted major stablecoins such as USDC and necessitated tighter security measures among DeFi protocols.

Conclusions and Future of DeFi Security

The event highlights the urgent need for ongoing security audits and improvements in crypto ecosystems. The future of DeFi will likely involve increased scrutiny and innovations in security.

The GMX incident illustrates the dangers associated with design flaws in DeFi protocols and underscores the necessity for stronger security measures and oversight.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Stablecoin Issuer Agora Secures $50 Million to Expand AUSD Offering

chest

Agora has raised $50 million to develop its AUSD offering amidst increasing interest in dollar-backed stablecoins.

user avatarGiorgi Kostiuk

Grok4 Outperforms OpenAI o3 in AI Benchmarks

chest

Grok4 by xAI's Elon Musk surpasses OpenAI's o3 in key metrics. Discover what this means for the market.

user avatarGiorgi Kostiuk

Ant Group Considers Supporting USDC on Its Blockchain Platform

chest

Ant Group, the Chinese fintech giant, may support USDC on its blockchain platform, potentially reshaping the digital transaction landscape in China.

user avatarGiorgi Kostiuk

Bitcoin Reclaims Its Brand and Predictions by Max Keiser

chest

Bitcoin has reached a historic high over $112,000. Max Keiser sets a new deadline for his forecasted level of $220,000.

user avatarGiorgi Kostiuk

Binance Introduces First Sharia-Compliant Investment Product

chest

Binance unveils Sharia Earn, a product aligned with Islamic financial principles for global investors.

user avatarGiorgi Kostiuk

10X Capital and YZi Labs Launch BNB Treasury Company for U.S. Investors

chest

10X Capital collaborates with YZi Labs to create BNB Treasury Company, providing U.S. investors access to the BNB token.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.